Central Bank to raise requirements to banks tenfold by 2020Central Bank Governor elaborated that consolidation of banks is needed to ensure their competitive ability given the anticipated entry of subsidiaries of international players after 2020.
President Nursultan Nazarbayev on the country’s financial industryHead of State gave a number of instructions to the National Bank and the Government to reduce the share of NPLs, accelerate introduction of Basel III standards, and strengthen safeguards to protect the rights of consumers of banking products.
16 April 2014
Kazakhstan bank assets to reach 80% of GDP by 2020According to the National Bank, from 2011 to 2013 Kazakhstan-based banks’ assets grew by 28.5% to reach $85 billion, with the assets to the GDP ratio diminishing from 55% to 46%.
Kazakhstan’s international reserves figure announcedThe gold and FX reserves of the National Bank for the period grew by 7.45% to reach $26.517 billion, with the assets of the National Oil Fund growing by 3.18% for the period to reach $72.787 billion.
Central Bank toughens requirements to borrowersEarlier Kazakhstan’s President Nursultan Nazarbayev commissioned banks’ heads to reduce the share of NPLs “in any possible ways” to 15% of their portfolio by 2015 and further to 10% by 2016.
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